This invention relates generally to a web-enabled Accounts Receivable System (ARS) and more particularly to methods and apparatus for managing various functions related to accounts receivables, credit granting, collection, dispute management and reporting and remittance processing.
The accounting department of a business entity expends substantial resources managing account receivables. An accounts receivable function includes the tasks of credit inquiries, approving credit to new and existing customers, and analyzing payment history of existing customers. In addition to credit approvals, aging of the receivables, disputes and delinquencies, collections and proper application of the payments, and determining appropriate write-offs and appropriate reporting capabilities, also must be managed. These tasks are time-consuming and often take away resources of the corporation from its operations and other profitable activities. Completing several of these tasks also typically requires interfacing with outside agencies for credit approval and constant updates to the customer records.
In an exemplary embodiment of the invention, a web-enabled Accounts Receivable System (ARS) provides a full range of trade receivables Credit and Collection services including credit evaluation, credit granting, customer collection and account reconciliation, remittance processing, application and banking, all account receivables (A/R) reporting, consolidation, including customer statement preparation and mailing, ending with direct feeds to a client""s general ledger system (G/L) for the client""s financial statement preparation. The system serves clients by allowing them to outsource their full accounts receivable (A/R) function while still retaining the important computer-to-computer links covering order shipping approvals (after credit evaluation), billing/invoice feeds, customer dispute monitoring and reporting (on-line), and final month-end G/L interface for receivables balancing.
The system includes five modules: which include a Credit Inquiry Module, a Remittance Processing Module, an Accounts Receivable Claim Module, a Maintenance Module, and an Administration Module. These modules are integrated with each other and are capable of interfacing with a client""s Order, Ship, Bill (OSB) system for smooth functioning. The ARS is further capable of automatically upgrading the software and systems templates to the client by downloading on a real-time basis as they are being implemented at a central site and as called for by a user.
In one embodiment of the invention, the ARS""s web-based features encompass all areas of fund""s movement for a complete back office solution. The ARS produces a variety of reports on-line and downloads as soon as they are generated in the ARS. The reports are generated in a flexible output format, as per the user""s request, like Microsoft Word, Excel or plain text format for importing into any database. The ARS""s audit module monitors the user""s activities like successful and failed logins, timestamps, password changing, and remote ID. The Administrative Module is available for power users, allowing them to manage their own area of business reports, including creating new users, adding new report entries or assigning reports to users. The system takes credit card information from the customer""s OSB or through the ARS web site and transfers it electronically into the ARS"" cash module where invoices are off-setted automatically.